Flow Company has provided the following information for the year ended December 31, 2016:

• Cash paid for interest, $19,000
• Cash paid for dividends, $7,200
• Cash dividends received, $5,200
• Cash proceeds from bank loan, $27,000
• Cash purchase of treasury stock, $10,000
• Cash paid for equipment purchase, $26,000
• Cash received from issuance of common stock, $36,000
• Cash received from sale of land with a $31,000 book value, $24,200
• Acquisition of land costing $50,000 in exchange for preferred stock issuance.
• Payment of a $160,000 note payable by exchanging used machinery with a $76,000 book value and $160,000 fair value.

How much was Flow's net cash flow from financing activities?

A net inflow of $27,000.

A net outflow of $47,600.

A net outflow of $51,800.

A net inflow of $45,800.